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Inquiries do NOT matter -- do NOT dispute them


tweak
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Inquiries have almost no effect on your FICO scores.

 

Disputing INQs is generally a very bad idea.

 

You could get flagged for fraud / ID theft, and possibly get your positive accounts shut down.

 

DON'T DO IT.

 

 

===

 

Apparently there is a sentence in the PsychDoc transcripts referencing this:

 

 

With inquiries... I would say "Please show documentation that the creditor gave

evidence of their permissible purpose when requesting access to my report.
Otherwise you are bound by federal law to remove this inquiry now.

 

Without detracting from the overall value of PsychDoc,

ignore this sentence and DON'T DO IT.

 

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As with many things, time changes all, even PsychDoc.

 

Maybe there was a time it was OK to dispute inquiries, and maybe it even worked AND improved scores, but that is surely not now. Might as well throw a had grenade at your reports, it will be the same effect.

 

Same goes for PsychDoc taking about success suing the CRAs in small claims court. It will be moved to Federal and likely be a waste of your time and money.

 

And when he talks about how to word things in dispute letters:

 

Instead of saying "The Sears trade-line (Account 12345) is not mine" he suggests "Provide documentation that the Sears trade-line (Account 12345) belongs on my credit report and that my rights have not been abrogated. Otherwise please remove this damaging data."

 

If you think the third-world CSR entering that into E-Oscar is not going to hit the code for 'not mine' just because you worded it really fancily, you have another thing coming. That said, I think there is an upside to showing you are intelligent and sincere in the way you write letters, and that there is often an advantage to being precise (just as there is sometimes an advantage to being vague).

 

Our Constitution is widely considered one of the most powerful documents of all time, a document that has transformed the world, and in many ways delineated the rules of modern civilization. Yet we have found the need to amend it 27 times in 228 years. As with all things credit, read and read some more, then read to see if anything has changed since what you read before was written.

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I agree that you shouldn't dispute inquiries.

However, I disagree about the effect on FICO scores. When my inquiries came back on TU a few months ago, it caused a double digit drop in my score. Unless you are house or car shopping, a 10 or 15 point drop shouldn't make too much of a difference.

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Unless you are house or car shopping, a 10 or 15 point drop shouldn't make too much of a difference.

 

If you are house (or car) shopping, you shouldn't be apping other credit in the months running up those major purchases anyway.

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This might be a little off topic but another thing people need to understand about disputing tradelines in general is, just because you want it gone and dispute it doesn't necessarily mean it's going away. I see a lot of posts lately such as:

 

"I disputed and it came back verified."

How did you dispute it?

"Not mine"

Is it yours?

"Yes"

Well, what did you expect?

 

Scrutinize your reports and you will find things to dispute. Check DOLP's against DOFD's. I find a lot inconsistencies between those 2 data points.

Look at the payment histories. If you have 120 five months in a row and the CO is 6 months later, that's a dispute.

 

Very few tradelines report consistently across all 3 CRA's. Find the mistakes and dispute them. If they come back verified, send a 623 letter to the FOI.

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Inquiries have almost no effect on your FICO scores.

 

Disputing INQs is generally a very bad idea.

 

You could get flagged for fraud / ID theft, and possibly get your positive accounts shut down.

 

DON'T DO IT.

 

 

===

 

Apparently there is a sentence in the PsychDoc transcripts referencing this:

 

 

With inquiries... I would say "Please show documentation that the creditor gave

evidence of their permissible purpose when requesting access to my report.
Otherwise you are bound by federal law to remove this inquiry now.

 

Without detracting from the overall value of PsychDoc,

ignore this sentence and DON'T DO IT.

 

 

That's exactly the suggestion I used to write my letters but as per ubercat PsychDoc would never suggest that

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Inquiries have almost no effect on your FICO scores.

 

Disputing INQs is generally a very bad idea.

 

You could get flagged for fraud / ID theft, and possibly get your positive accounts shut down.

 

DON'T DO IT.

 

 

===

 

Apparently there is a sentence in the PsychDoc transcripts referencing this:

 

 

With inquiries... I would say "Please show documentation that the creditor gave

evidence of their permissible purpose when requesting access to my report.
Otherwise you are bound by federal law to remove this inquiry now.

 

Without detracting from the overall value of PsychDoc,

ignore this sentence and DON'T DO IT.

 

 

That's exactly the suggestion I used to write my letters but as per ubercat PsychDoc would never suggest that

 

What they're trying to tell you is that the game has changed since PsychDoc originally put that info together. What might have been a non-issue 10 years ago can cause major headaches now.

 

Disputing inqs may have been part of the game in 2005. Now, it seriously runs the risk of getting your reports flagged and is almost certainly going to cause more harm than good.

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Inquiries have almost no effect on your FICO scores.

 

Disputing INQs is generally a very bad idea.

 

You could get flagged for fraud / ID theft, and possibly get your positive accounts shut down.

 

DON'T DO IT.

 

 

===

 

Apparently there is a sentence in the PsychDoc transcripts referencing this:

 

 

With inquiries... I would say "Please show documentation that the creditor gave

evidence of their permissible purpose when requesting access to my report.
Otherwise you are bound by federal law to remove this inquiry now.

 

Without detracting from the overall value of PsychDoc,

ignore this sentence and DON'T DO IT.

 

 

That's exactly the suggestion I used to write my letters but as per ubercat PsychDoc would never suggest that

 

 

Wow, you do not get it AND do not want to give it a rest, do you?

 

Not that Uber or anyone else needs defending, but you were wrong to dispute the way you did AND you still do not seem to grasp your inquiries have NOTHING to do with your ability or inability to get a mortgage.

 

This thread was a clarification that what was in PsychDoc could be misconstrued AND was likely one of the many things credit related to change with the times.

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Inquiries have almost no effect on your FICO scores.

 

Disputing INQs is generally a very bad idea.

 

You could get flagged for fraud / ID theft, and possibly get your positive accounts shut down.

 

DON'T DO IT.

 

 

===

 

Apparently there is a sentence in the PsychDoc transcripts referencing this:

 

 

With inquiries... I would say "Please show documentation that the creditor gave

evidence of their permissible purpose when requesting access to my report.
Otherwise you are bound by federal law to remove this inquiry now.

 

Without detracting from the overall value of PsychDoc,

ignore this sentence and DON'T DO IT.

 

 

That's exactly the suggestion I used to write my letters but as per ubercat PsychDoc would never suggest that

 

 

Wow, you do not get it AND do not want to give it a rest, do you?

 

Not that Uber or anyone else needs defending, but you were wrong to dispute the way you did AND you still do not seem to grasp your inquiries have NOTHING to do with your ability or inability to get a mortgage.

 

This thread was a clarification that what was in PsychDoc could be misconstrued AND was likely one of the many things credit related to change with the times.

 

 

My message was not suggesting that I believe I did the right thing, nor that uber or the other folks were wrong. It was only pointing out a fact which was denied yesterday.

I found that document on this forum and I read it because I wanted to learn and after that I tried to apply some of the concepts. That's it. If I had read this very thread before probably I would have not done that.

That said I never stated that credit inquiries would prevent me from getting a mortgage. I said they would affect my score.

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Scrutinize your reports and you will find things to dispute. Check DOLP's against DOFD's. I find a lot inconsistencies between those 2 data points.

Look at the payment histories. If you have 120 five months in a row and the CO is 6 months later, that's a dispute.

 

Very few tradelines report consistently across all 3 CRA's. Find the mistakes and dispute them. If they come back verified, send a 623 letter to the FOI.

 

Noob questions:

 

What does the DoLP have to do with the DoFD? Possible to pay off the account... wait a few months prior to making a new purchase and thus have difference between them, no?

 

Re: 120 five months in a row and the CO is 6 months later. Why is that a dispute? At best wouldn't they simply correct 4 of the "120" lates? Leaving you with the same CO?

 

If disputing tradelines across different CRA's, aren't you most likely to simply have them correct the entry? And regardless, if they validate, what is the argument - "Well TU reports it differently than EX, so you should delete"?

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If you have a credit history of less than a year, few cards, basically a blank slate as if you did not exist a year ago...INQUIRIES ARE ABSOLUTELY NOT HURTING YOUR SCORE.

 

Now, are they changing your score? Maybe. Would that be considered impacting your score? I guess.

 

But think of it this way: If your numeric grade in a class is 53, you get an F, and you failed. You argue with the professor, and he raises your grade to a 59. Guess what? You get an F, and you failed.

 

So if you would lie us all to agree they affect your score, we do.

Do they affect your score in any meaning ful way you need to worry about? NO.

Does messing with them risk a catastrophe? Yes.

 

And as for the end of B*, I went from 0 inquiries to 21, and lost if I recall, 27 points. Two months later, I gained it all back despite still having 20 on record, and my TU is higher than my EX which I guarded closely to avoid inquiries.

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Scrutinize your reports and you will find things to dispute. Check DOLP's against DOFD's. I find a lot inconsistencies between those 2 data points.

Look at the payment histories. If you have 120 five months in a row and the CO is 6 months later, that's a dispute.

 

Very few tradelines report consistently across all 3 CRA's. Find the mistakes and dispute them. If they come back verified, send a 623 letter to the FOI.

 

Noob questions:

 

What does the DoLP have to do with the DoFD? The DoFD should not be more than 2 months after the DoLP for a CO. Possible to pay off the account... wait a few months prior to making a new purchase and thus have difference between them, no?

 

Re: 120 five months in a row and the CO is 6 months later. Why is that a dispute? This could be correct, if you made the full monthly payment every month, and thus remained exactly 120 days delinquent. However, it is not possible to become more than 30 additional days late in the next month -- you cannot go 30-90 (there has to be a 60 in between). At best wouldn't they simply correct 4 of the "120" lates? Leaving you with the same CO?

 

If disputing tradelines across different CRA's, aren't you most likely to simply have them correct the entry? Yes, this is possible. And regardless, if they validate, what is the argument - "Well TU reports it differently than EX, so you should delete"? In a dispute, don't tell TU that EX is reporting differently. If it comes to a 623 letter, you can possibly tell the OC that they are reporting inconsistent info, so they must be reporting inaccuracies. Or if you get to a CFPB complaint, you could possibly say, "TU investigated properly and deleted, but EX refuses to investigate."

 

Edited by tweak
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Scrutinize your reports and you will find things to dispute. Check DOLP's against DOFD's. I find a lot inconsistencies between those 2 data points.

Look at the payment histories. If you have 120 five months in a row and the CO is 6 months later, that's a dispute.

 

Very few tradelines report consistently across all 3 CRA's. Find the mistakes and dispute them. If they come back verified, send a 623 letter to the FOI.

 

Noob questions:

 

What does the DoLP have to do with the DoFD? Possible to pay off the account... wait a few months prior to making a new purchase and thus have difference between them, no?

 

Re: 120 five months in a row and the CO is 6 months later. Why is that a dispute? At best wouldn't they simply correct 4 of the "120" lates? Leaving you with the same CO?

 

If disputing tradelines across different CRA's, aren't you most likely to simply have them correct the entry? And regardless, if they validate, what is the argument - "Well TU reports it differently than EX, so you should delete"?

 

DOLP and DOFD - if you have a CO and the DOLP is say, Jan 2010 but the DOFD is listed as July 2010, that obviously can't be correct.

 

With a string of months all showing the same 120 or 60 or whatever, yes they could just correct it, but they might also just delete their tradeline.

 

The point is, find something concrete to dispute and you might get a deletion.

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If inquires don't matter then why is this board obsessed with them? Their is even a special group in charge of this subject.

I'm sure you have better things to do than stir up trouble.

 

If I wanted to stir up trouble I would post the proper way to dispute inquires.

 

I asked a serious question. I see thousand of posts on B* and also see tons of posts that inquires don't matter from respected members. Why spend so much time and resources (B*) on something that does not matter? It just doesn't make sense.

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This board officially does not recommend disputing legitimately placed inquiries.

 

Some of us are friends with some long gone members who no longer post here and stay in touch with them.. Some of those older past member contributed a great deal to what makes this board a great place to find and use information. It saddens us to see their information (past posted) made light of.

 

If there is a way to subvent any credit reporting agencies system, to your advantage, by removing inquiries, we will not endorse such subvention,

 

If you want fewer inquiries, either wait out the required timeframe or excersize a modicum of control and simply not apply.

 

I will reopen the thread, if there is actually a need for further commentary.

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Why spend so much time and resources (B*) on something that does not matter? It just doesn't make sense.

For a lot of people B* is a hobby.

 

Fun to research and test and figure out how to beat the CRAs.

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Why spend so much time and resources (B*) on something that does not matter? It just doesn't make sense.

For a lot of people B* is a hobby.

 

Fun to research and test and figure out how to beat the CRAs.

Exactly,

 

A very interesting one at that.

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Why spend so much time and resources (B*) on something that does not matter? It just doesn't make sense.

For a lot of people B* is a hobby.

 

Fun to research and test and figure out how to beat the CRAs.

 

 

That's a fair answer, and makes perfect sense.

 

Personally, I have never understood the obsession with inquiries.

 

I have learned many things on Credit Boards.

But the most powerful and useful thing I've learned is the weight that FICO places on utilization.

And how to game the system with the $2 trick.

If I had never found Credit Boards, I would have assumed it was perfectly fine to PIF on the due date.

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Some of us are friends with some long gone members who no longer post here and stay in touch with them.. Some of those older past member contributed a great deal to what makes this board a great place to find and use information. It saddens us to see their information (past posted) made light of.

 

Marv,

 

I found the PsychDoc transcripts extremely valuable when starting my credit repair. Like many others here, I recommend them as required reading for new members.

 

However, just in the last day, two different new members cited PsychDoc as the reason they were disputing inquires - here and here.

 

I started this thread to make the point for other new members that disputing inquiries is generally a very bad idea, and can have serious unintended consequences, which is consistent with the position of the board that you stated. It is unfortunate that this one sentence about disputing inquiries is present in the PsychDoc transcripts. I did not recall reading about disputing inquiries when I read PsychDoc, so I searched the transcripts for "permissible purpose" and found this sentence. Speaking for myself, I was not "making light" of PsychDoc or his valuable contributions, which is why I clearly stated in the OP, "Without detracting from the overall value of PsychDoc, ignore this sentence and DON'T DO IT." Reading the comments of others, I do not see anyone else questioning the value or contributions of PsychDoc either.

 

 

Perhaps the board might consider adding a note to the PsychDoc transcripts after this sentence, stating the position quoted below. Hopefully this action will prevent other new members from repeating the mistake of disputing inquiries.

 

This board officially does not recommend disputing legitimately placed inquiries.

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If inquires don't matter then why is this board obsessed with them? Their is even a special group in charge of this subject.

I'm sure you have better things to do than stir up trouble.

 

If I wanted to stir up trouble I would post the proper way to dispute inquires.

 

I asked a serious question. I see thousand of posts on B* and also see tons of posts that inquires don't matter from respected members. Why spend so much time and resources (B*) on something that does not matter? It just doesn't make sense.

 

 

 

I was thinking the same thing, if inquiries don't matter, then why were there threads, after threads, after threads about B*?

It wasn't a hobby for everyone who participated, so what's the real answer to trying to get rid of them?

I personally never used B* because I had reports to clean up.

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